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Fund Governance

The “New Life for Yonge Street” is a joint account, held at Meridian Credit Union, in the names of Bay Cloverhill Community Association (BCCA) and Church Wellesley Neighbourhood Association (CWNA).

Its purposes are:

﻿to receive donations from the public, and any other entities that might wish to contribute

to pay costs incurred by the two Associations in their role as Party at the OMB hearings related to OPA 183. These are most likely to be:

cost of legal representation (lawyer) and associated disbursements

cost of Expert Witnesses and associated expenses (eg travel)

cost of publicising the fund, operating the fund (eg deductions by payment processing companies such as Visa and Mastercard), and informing donors of progress

very limited expenses incurred by BCCA and CWNA Directors. Directors will receive no remuneration for the time they spend on these hearings.﻿

The fund will have two signatories, who will be appointed specifically for this initiative, by the BCCA and the CWNA, and who will act as directed by majority vote of each of the association's Directors. Release of funds requires a majority of BOTH associations’ Directors to vote in favour. If only one association votes to release funds for a particular item, then the funds will not be released.

All communication to the public will clearly state that neither association is a registered charity, and therefore no tax receipts will be issued.

If insufficient funds are received to pay for costs as outlined in item 2, then the associations will pursue these activities as far as the received funding allows, and then terminate those activities, even though the OMB hearings may proceed further.

In the event that excess funds are received to pay for costs as outlined in item 2, then the associations will pursue these activities to their termination (as confirmed by a majority vote by BOTH associations’ Directors). After all associated costs are disbursed, the residual funds will be split 50:50, and transferred to the BCCA and CWNA individual accounts, to enable them to continue their work of improving both communities. No funds will be returned to donors.​